Rep. Barney Frank predicts bailout deal by Sunday

AP ^ | 9/26/2008 | JULIE HIRSCHFELD DAVIS and DAVID ESPO

[politicket]

Excerpt...

The legislation the administration is promoting would allow the government to buy bad mortgages and other sour assets held by investors, most of them financial companies. That should make those companies more inclined to lend and lift a major weight off the national economy that is already sputtering. But a significant number of lawmakers, including many House conservatives, say they're against such heavy federal intervention.

Under their plan, the government would insure the distressed securities rather than buy them. Tax breaks would provide additional incentives to invest.

...

[politicket]

For discussion...

[Tarpon]

The world didn’t end on Friday, what happened today?

I would like to read the bill before anyone votes on it, how about you ??

[Trust but Verify]

WTF does Barney Frank think he’s kidding with his snide comments? That man has GOT to go.

[Trust but Verify]

make that ‘man’.

[LomanBill]

Resignation, Barney?

 

==================================================================

During the House Financial Services Full Committee Hearing on "Recent Events in the Credit and Mortgage Markets and Possible Implications for U.S. Consumers and the Global Economy",  Chairman Barney Frank left the hearing in order to attend a meeting in support of legislation that would force American employers to hire homosexuals.   That says a lot about Barney's priorities.

 

Barney "Fife" Frank.

Financial Services Watchdog

 

This watchdog only has one tooth.

Barney's boyfriend makes him keep it in his pocket

==================================================================

[cups]

There should be a MASSIVE investigation into all of this. ESPCIALLY this guy.

People need to go to jail for this...

[savedbygrace]

BOHICA.

[C19fan]

Additionally, Obama said earlier in the week he hoped Democrats would not press a proposal giving bankruptcy judges the power to ease mortgage terms for homeowners.

I wonder why Obama is opposed to this? The Ds in Congress were pushing this which involved giving a BK judge the power to write off part of mortgage debt for someone filing for BK. I wonder if this is payback for all the contributions from the finance industry. Or does Obama realize if this is allowed this would increase the costs of a mortgage loan since the lender would face more risk.

[MeekMom]

re: 5
Ewwwww!
This sodomite is too creepy to look at!

[politicket]

OK, here's my question:

In this article we are told:

"would allow the government to buy bad mortgages and other sour assets held by investors". And it will supposedly cost $700 billion.

In the original draft text of the bill last Saturday we were told:

"The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time."

So, if Paulson is able to go after everything now, including mortgage, credit card, auto loan, and student loan debt, then why isn't the price tag higher?

I'll answer my own question: because it's a scam, and won't fix anything - and if they're not really, really careful in giving proper "valuation" to what they buy then they could actually make things much, much worse if they pay too little.

[Riptides]

Barney “My Boy Lollypop” Frank is a hypocrite little turd.

[HuntsvilleTxVeteran]

IT wants somebody to cover ITS fanny!

[scooby321]

Barry sorry to tell a Judge cannot redo a legal contract. Read your constitution. American one not Kenyan

[Bratch]

[LomanBill]

>>Ewwwww!
>>This sodomite is too creepy to look at!

 

Sorry, it's a necessary evil.  I do agree he's creepy.

Of course, saying so will be illegal if Barney & Co.  manage to sneek this through, while everyone's attention is diverted by the financial red herring he helped to create:

=========================================

Friday, September 12, 2008 -

Return of 'hate crimes' plan looms in Congress:

• A federal "hate crimes" plan to criminalize speech or thoughts critical of homosexuality – dropped from Congress' agenda earlier because of a veto threat from President Bush – may be resurrected before the election, according to an opponent of such advocacy laws.
  
  "Here's ultimately what we expect," Mathew Staver, founder of Liberty Counsel and dean of the Liberty University School of Law, told WND today. "The hate crimes plan is to be offered as an amendment to the Fiscal Year 2009 Department of Defense reauthorization bill. That's what the word is, that it's going to be offered as an amendment."
  http://www.freerepublic.com/focus/f-news/2080617/posts
  
  
  A petition to block the "Hate speech" amendment can be signed here:
  
  http://www.lc.org/index.cfm?PID=15383

=========================================

 

Busy little bees, aren't they?

[politicket]

The world didn’t end on Friday, what happened today?

Two things.

First, the market is bullish on the news that the House Republicans are beginning to cave and want language inserted into the bill where Paulson would "consider" their options.

The market is bullish because the investment banks know that toxic debt can be taken off of their books and put onto the backs of the taxpayers.

Secondly, the credit lending facilities tightened even further and illiquidity is rampant.

After this bill passes, we will see 3 to 5 days of market euphoria. The Dow will shoot up and all will be right with the world.

The following week, you will begin to see the credit markets tighten again, when they finally come to the realization that the Congressional bill didn't solve anything having to do with the real problem.

One more thing - the $700 billion (or whatever size 'bucket' they agree on) is simplay a "pipe". Paulson will use it to launder trillions and trillions of bad debt, by dividing each $700 billion into $50 billion dollar tranches and selling them to the bond market as 'Aaa' paper.

[paul544]

I hope this deal is done Sunday... In any form. Not because I like it, but because like a million times in the past the GOP got rolled by the Democrats. Once again the Republicans come away taking the blame. McCain's losing ground daily as long as this goes on. We are so utterly inept at politics it is amazing we have survived as a party this long. From the President on down, we take it in the @$$ and then bitch and moan that we didn't get a fair shake from the media.

We had better come to the realization very quickly that the media is openly against us and we better figure a way around them. In any case, get this passed and let's move on!

[Kenny]

I have a question. When they say “Still, the Dow Jones industrials rose 121 points for the day as investors anticipated a weekend agreement.” how do they know a pending agreement is the reason for the rise? How do they know it wasn’t the breakdown of the bailout talks?

I just wonder if they talk to those in the know or if there is really no basis for that kind of speculation.I am seeing more and more of this type of comment in the “news”.

[WellyP]

Barney may swallow this but I don't!

[EGPWS]

"Now that Sen. McCain is safely in Mississippi we can get back to serious work," sniped Frank,...

He's just a bipartisan, country first, get the job done, I'm concerned for the livelihood of all, we screwed up so we must fix it without pain, married with wonderful kid's to show for it, peoples representative.

Nobody should show disdain for Barney Frank. /s